London house-building exceeds 2007 targets
Rental property is still the most logical choice for many young workers setting up in the capital, but London home-building plans are making home ownership a less distant prospect for many.
Figures from the Greater London Authority showed that some 33,000 new homes were built in London last year, signalling the largest annual boost to the capital's housing stock since 1977.
Among these were more than 10,000 affordable homes, suggesting that the government is coming good on its promise to stem the housing shortage and provide homes within the reach of first-time buyers.
Mayor of London, Ken Livingstone, said: "Housing is now Londoners' main concern, and these figures, coupled with more investment for affordable housing, demonstrate that the prospects for building more homes are encouraging.
"We are really getting to grips with London's housing crisis and this news proves that setting targets for new homes, especially affordable homes, is essential if we are to offer all Londoners the opportunity of a home of their own."
The figures suggest that homes built in London last year in fact exceeded the mayoral target of 30,500 per year, meaning that renters in the capital may find more buying opportunities are available when the time is right.
Published 8th February, 2008
© 2008 Estates IT Limited
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Rental property is still the most logical choice for many young workers setting up in the capital, but London home-building plans are making home ownership a less distant prospect for many.